Sellers rush to auction in cool market

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A COOLING property market has not put off winter sellers, with a record number of homes for auction next weekend.

REIV spokesman Robert Larocca said 1000 properties would be auctioned this coming Saturday and Sunday. “This is a record for Melbourne in winter . . . the sheer number of properties has affected the clearance rate,” he said.

The clearance rate for the Queen’s Birthday weekend was 77 per cent, up from last week’s low of 70 per cent, but down on highs of about 85 per cent earlier this year.

Mr Larocca said more expensive areas of Melbourne had been affected by a reduction in demand, while there was less change in the lower to middle market.

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